NST Online Business Times : latest
NST Online Business Times : latest |
| Affin downgrades UMW to 'reduce' Posted: 19 Mar 2013 07:00 PM PDT [unable to retrieve full-text content]Affin Investment Bank downgraded UMW Holdings Bhd to 'reduce' from 'add', with an unchanged fair value of RM12.40 per share, saying the automotive-to-oil and gas conglomerate is fully valued now and offers less compelling risk-reward. "We continue to like management's drive and handle of the company, and this tactical downgrade is predominantly in reference to valuations as opposed to operational issues," the research house said in a note on Wednesday. Affin said the risk-reward of UMW is less compelling now given potential earnings headwinds as the automotive sector faces intense competition. It said investors have priced in the listing of the oil and gas division with an estimated market capitalisation of RM1.5 billion. "All in, we opine that our street-centric earnings is already embedded with a positive analyst bias and as such, there may be limited scope for potential earnings surprises in 2013," it added. Shares of UMW rose 85.17 per cent over the past one year, while the benchmark stock index climbed 3.18 per cent. The counter remained unchanged at RM13.24 per share, outperforming the benchmark stock index's 0.17 per cent drop.-- Reuters |
| KL shares open easier on mild selling Posted: 19 Mar 2013 07:09 PM PDT Share prices on Bursa Malaysia opened easier Wednesday on mild selling in selected heavyweights, tracking the losses on Wall Street, dealers said. As at 9.17am, the FTSE Bursa Malaysia KLCI (FBM KLCI) was 4.03 points lower at 1,621.43 after opening 2.51 points lower at 1,622.95. Dealers said renewed concerns on eurozone debt crisis after the Cyprus parliament rejected a bank deposit levy needed to secure European bailout funds were dampening global risk appetite. HwangDBS Vickers Research said for the time being, the selling pressure on Malaysian equities seemed to have eased off.
Some news flows that can likely signal current economic condition will be Bank Negara Malaysia's 2012 Annual Report to be released later in the day and the US Federal Reserve meeting outcome. On the chart, the Finance Index rose 0.76 of a point to 15,218.62. The Plantation Index, however, fell 35.16 points to 7,806.28 and the Industrial Index slipped 19.63 points to 2,809.47. The FBM Emas Index eased 21.6 points to 11,104.44, the FBMT100 was 23.09 points lower at 10,940.85 and the FBM Mid 70 Index shed 9.07 points to 12,360.87. However, the FBM Ace Index gained 10.67 points to 3,952.57. Losers beat gainers 85 to 75, with 104 counters unchanged, 1,377 untraded and 24 others were suspended. Turnover stood at 54.027 million shares worth RM50.273 million. Actives, Alam Maritim and Land & General were flat at 93.5 sen and 42 sen, respectively, while Mulpha International gained 1.5 sen to 40 sen. Heavyweights, Maybank was flat at RM9.07, but CIMB Group rose two sen to RM7.13. Sime Darby lost four sen to RM9.11, Axiata Group shed one sen to RM6.31 and Petronas Chemicals eased five sen to RM6.20.-- Bernama |
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